Final rules on reorganization of the agency and emergency mergers will be the main events of the NCUA Board when it meets in open session Dec. 14 in Alexandria, Va.
In July, the board announced a restructuring plan for the agency, which will be finalized at the Dec. 14 meeting. At that session, the board approved several recommendations for restructuring, including:
- Consolidating the agency’s five regional offices into three by closing the Albany, New York, and Atlanta, Georgia offices and eliminate four of the agency’s five leased facilities;
- Creating an Office of Credit Union Resources and Expansion by redefining and realigning chartering and field-of-membership, credit union development, grants and loans, and minority depository institutions programs;
- Restructuring the Office of Examination and Insurance into specialized working groups; and
- Realigning the Asset Management and Assistance Center to include changes to the servicing business model and moving to a financial supervisory structure.
The agency, in July, also said it plans to eliminate agency offices with overlapping functions and improve functions such as examination reporting, records management, and procurement. The plan to be considered next week, NCUA said, “anticipates a reduction in the agency’s workforce by attrition.”
Also in July, the board proposed a rule that would amend the definition of “in danger of insolvency” in the agency’s chartering and field of membership manual for emergency mergers. According to NCUA Board Chairman J. Mark McWatters, the proposal allows the agency to look into the future with the idea that it’s “better to catch things earlier than later.” NCUA Board Member Rick Metsger, at the July meeting, noted that state credit union supervisors would have the right to challenge agency actions under the proposal, but would not lose their due process rights. The proposal was issued for a 60-day comment period.